The Saudi Organization for Certified Public Accountants (SOCPA) emphasized that passing the qualifying program for the non-securities financial advisory profession is a mandatory condition for those licensed to practice the profession, according to the regulatory rules approved by the organization's board of directors.

The organization clarified that these rules will come into effect from Safar 16, 1448 AH, corresponding to July 30, 2026, whereby Article 4 requires the licensee to pass the qualifying or training programs specified by the organization.

SOCPA warned that licensees must pass the approved qualifying program well before the end of their license term to ensure fulfillment of renewal requirements and avoid any delay in procedures or mandatory suspension from practicing the profession due to non-fulfillment of this condition.

This requirement is part of the organization's efforts to regulate the non-securities financial advisory profession, raise the efficiency of practitioners, enhance the quality of professional services provided, and safeguard the rights of beneficiaries.

It is noted that the organization's board of directors adopted the regulatory rules for the profession within the framework of transferring the authority to issue licenses to practice the profession from the Ministry of Commerce to the organization. The rules include license conditions, requirements, duration, renewal mechanisms, as well as obligations of licensees, cases of license cancellation, suspension, or cessation of practice, and disciplinary penalties for violating its provisions.